Core Viewpoint - Hedge funds are unwinding their long positions in USD/HKD call spread strategies as the USD/HKD approaches the lower end of its trading range [1] Group 1 - Traders report that hedge funds have been closing existing USD/HKD call spread positions [1] - The USD/HKD exchange rate is currently stable at 7.7504 [1] - As of 14:35 Hong Kong time, the trading volume of USD/HKD options ranks second in DTCC [1]